|Net Worth||$80 million|
|Date of Birth||4 June 1963|
Mossimo Giannulli Net Worth, How did the American fashion designer accumulate his wealth? Check this article to find out more about Mossimo Giannulli Net Worth and his career.
Mossimo Giannulli Early Life
He is an American fashion designer. Mossimo Giannulli is of Italian descent and was raised in Encino, California.
Mossimo attended the University of Southern California. He has studied the bachelors’ degree in architecture and business as main subjects. After he completed his 3rd year in college, he dropped out.
He got married to Full House actress Lori Loughlin. The couple have two daughters, including social media star Olivia Jade.
Mossimo Giannulli Career
Mossimo Giannulli was born on the 4th of June, 1963 in southern California. He is the founder of the fashion house that bears his name, Mossimo and that was raised in the country’s region that is marked by a casual, beach lifestyle. He was at age 21 when he decided to make money on that particular clothing.
He borrowed money from his father in 1987 and started a small apparel company out of a garage on Balboa Island in Newport Beach, California. Mossimo’s business eventually added a wide range of products like sweatshirts, knits and sweaters, as well as women’s clothing and men’s tailored suits.
After almost a decade in business, Mossimo, Inc. became a multi-million dollar sportswear and accessories company. At the company’s beginning, the brand was sold in 1,700 stores within the US, and with around 600 international stores worldwide.
The FBI raided Mossimo and Lori’s Bel Air home in connection to a college bribery scam on March 12, 2019. The couple paid a huge amount to get their two daughters admitted to the University of Southern California under the guise that they were recruited to the rowing team.
Mossimo later dropped out of USC after less than a year to launch his clothing company with a $100,000 loan from his father. However, his vision was to launch a beachwear brand much like the then-dominant Stussy.
He pasted what would eventually become the company’s iconic ‘M’ logo on volleyball shorts and t-shirts. In the 90s, the Stussy brand perfected the strategy of limited releases which made customers feel like they were in a special club.
This good idea allowed the company to build hype to a point where by 1991 Stussy’s revenue was $24m as Mossimo followed that strategy perfectly in the early days.
Mossimo Giannulli Net Worth
As of today, Mossimo Giannulli Net Worth is $80 Million. Mossimo Giannulli Net Worth is acquired from his career as a fashion designer.
Mossimo’s brand was a hit right away, earning $1 million in its first year. In 1996, the company was earning $76 million per year and generating $12 million in profits. Unfortunately, the good times did not last forever.
The enlargement proved to be costly and perhaps rash. In 1997, Mossimo lost nearly $19 million. At the peak of the company’s success when the stock price topped $50, Mossimo Gianulli’s equity stake was worth $500 million.
After the company’s growth began to decline and expenses soared, the stock price eventually hit a low of $4.75. Mossimo later sold the company to Iconix Brand Group and today the clothes are sold exclusively at Target.
Mossimo and his wife’s primary residence is a $19 million mansion in Bel Air, California. They purchased the house for $14 million in 2015. But they later listed the mansion for sale for an eye-popping $35 million, but they didn’t get any takers.
The couple previously lived in a large Beverly Hills mansion which they sold in 2015 for $18 million. But before that, they lived in a different home in Bel Air which sold in 2018 (by a different owner) for $40 million.
After one year in business, Mossimo profited $1m. Then after two years, he profited $4m thanks to an expansion into woven sweaters, sweatshirts and more. In 1992, Mossimo was doing $32 million per year in revenue.
The company went public in 1996. As at this time, Mossimo had 300 employees and was doing $70 million per year in revenue. At the time Mossimo Giannulli was 32 years old, which made him the youngest CEO of a company listed on the New York Stock Exchange.
Mossimo struck a deal with Target in 2000 that paid him $8.5 million per year in royalties for three years. The company was sold to Iconix Brand Group for $135 million in cash and debt absorption in 2006.
Mossimo Giannulli is an American fashion designer. He is the founder of the fashion house that bears his name, Mossimo. After almost a decade in business, his company had turned into a multi-million dollar sportswear and accessories company.
As of 2020, Mossimo Giannulli net worth is $80 Million.
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